President Biden and the Democrats recently passed a $740 billion spending bill that will lower prescription drug costs for seniors on Medicare, will lower health insurance costs for people who don’t have access to insurance through their employer or family plans, will invest $300 billion in renewable energy infrastructure such as wind and solar, and provide up to a $7,500 tax credit to Americans for purchases of certain new and used electric vehicles. A tax credit means the amount of income tax you owe the federal government will be reduced by the amount of the tax credit you receive. This spending bill is deficit-neutral, meaning it will not add to the annual budget deficit or national debt. It helps pays for itself by including a provision requiring corporations that make over $1 billion in annual income to pay a minimum 15% income tax. Previously, many rich corporations paid no income tax at all because of special provisions in the tax laws that benefited them. It will also increase enforcement of tax payments owed by Americans with complex tax returns who previously were able to avoid taxes owed because the government did not have the resources to verify the accuracy of their tax returns. Do you tend to agree or disagree with the provisions of this bill? Explain why or why not.
